The Problem
Non-flood damage from water costs homeowners xx billion a year, just in the U.S., and insurers pay $15 billion in claims. One in 60 U.S. homes suffers water damage each year, and the average claim is nearly $14,000—which doesn’t even include the deductible the policyholder pays, or the huge hassle they go through. Typical solutions involve expensive shutoff valves or a host of small sensors placed throughout a home, but providers have struggled to make a compelling case that their programs deliver an ROI.
The Solution
LeakBot takes a different approach. It provides a single sensor that policyholders clip to the main water pipe in the house. The sensor detects any leaks anywhere in the house that exceed a teaspoon per minute. LeakBot’s app walks a policyholder through steps to find leaks, then, if necessary, sends a plumber to visit the house to find any remaining ones, at no charge. The approach finds even tiny, hidden leaks weeks or months before they can cause any damage. More than two dozen carriers provide the LeakBot solution for free, paying LeakBot $60 a year per house, all in. LeakBot reduces the number of water loss claims by 60%, generating a significant ROI for its carrier partners.
The Documentation
LeakBot has produced a white paper that clears the actuarial bar for detail and reliability. The paper draws on tens of thousands of device-exposure years. It uses cohort-level (not anecdotal) evidence. It relies on auditable repair records — rather than programs still running on pilot-stage promises.
